TSX: G NYSE: GG
VANCOUVER, June 20, 2013 /PRNewswire/ - GOLDCORP INC. (TSX: G, NYSE: GG) — today announced the filing of a claim in the First District Court in Zacatecas by Minera Peñasquito that resulted in the temporary suspension of an agrarian court ruling. The hearing for a permanent suspension will be held on June 27, 2013. The agrarian court ruling relates to a claim by the Cerro Gordo Ejido that challenged surface land rights to 600 hectares (approximately 1,483 acres) of land located in Mazapil, Mexico and within the confines of the Peñasquito mine site. The ruling purports to nullify Goldcorp's lease of the surface land and orders the land returned to the Cerro Gordo Ejido for payment of 2.4 million pesos.
Minera Peñasquito negotiated an agreement for use of the land prior to the construction of the mine that it believes is fair based on surface valuations in Mexico and similar agreements at Peñasquito and other mining operations, but is willing and continues to seek constructive dialogue with the Cerro Gordo Ejido with the intent of pursuing a mutually beneficial settlement. At the same time, the Company will use all legal means at its disposal to ensure continuity of operations and to protect the Company's mineral concession rights consistent with Mexican law. Mine operations have not been impacted.
Peñasquito is the largest gold producer in Mexico and employs approximately 3,000 employees of which approximately 85% are from local communities. The mine generates over 6,000 direct and indirect jobs for Mexican families.Goldcorp is one of the world's fastest growing senior gold producers. Its low-cost gold production is located in safe jurisdictions in the Americas and remains 100% unhedged.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV